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What’s the truth behind cryptocurrencies aiding terror financing?

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1 year ago

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Cryptocurrency’s role in terror financing and funding militant groups has come under renewed scrutiny following a deadly attack in Israel by Palestinian Hamas.

Israel has seized crypto accounts it says are allegedly linked to Hamas. US lawmakers have urged the government to crack down on the use of cryptocurrencies by Hamas and its affiliates.

Cryptocurrencies have gained attention for their potential use in illicit finance due to several factors. 

Firstly, setting up a cryptocurrency wallet address is relatively easy, and it often doesn’t require the same identity verification checks as traditional bank accounts. 

This pseudonymous nature allows individuals to send and receive cryptocurrency without revealing their true identity.

Another key factor is the global and borderless nature of blockchain technology, which underpins cryptocurrencies. Transactions can occur digitally across international borders, making it an attractive option for moving funds quickly. 

Furthermore, cryptocurrencies are subject to less specific regulation than traditional finance, although regulatory measures are being introduced in some regions.

The Financial Action Task Force (FATF), a global body responsible for combating money laundering and terrorist financing, has expressed concerns that cryptocurrencies could become a safe haven for illicit financial transactions.

While cryptocurrencies offer a degree of privacy, transactions on blockchain networks are permanently recorded and publicly visible. 

This means that while it may be challenging for outsiders to identify the parties involved in a transaction, blockchain analytics firms have developed tools to track funds and transactions. 

To link these flows to specific individuals or groups, researchers typically rely on information not directly recorded by the blockchain, such as customer data from cryptocurrency exchanges.

Crypto mixers and the movement of funds through various exchanges can further obscure the trail of funds, making it difficult to trace the source and destination of cryptocurrencies.

The exact extent of cryptocurrency use in terrorist financing remains uncertain. Experts suggest that while some militant groups have employed cryptocurrencies, they constitute a relatively small portion of their overall funding. 

A United Nations official mentioned that a few years ago, around 5% of terrorist attacks were considered to be financed by cryptocurrencies, with the potential for this figure to rise to 20%. 

However, the vast majority of terrorist financing still relies on traditional financial methods.

Terrorist financing is just one facet of illicit activities involving cryptocurrencies. Scams, ransomware attacks, and theft constitute a significant portion of cryptocurrency-related crimes. 

In 2022, cryptocurrency crime reached a record $20.1 billion, with cyberattacks contributing substantially to this figure. 

Cryptocurrency theft via cyberattacks is also reported as a source of funding for North Korea, according to UN reports. 

Some banks in the UK have taken measures to restrict customer access to cryptocurrencies due to a surge in crypto-related scams.

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Balochistani Graduates Selected for NUTECH Islamabad’s Mining Program

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6 days ago

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For 18 graduates of the Reko Diq Mining Project, the National University of Technology, Islamabad, has started a training program. These graduates will complete an 18-month on-the-job training program at Barrick’s International Mining Sites after completing a two-month course at NUTECH.

The graduates will acquire proficiency in mining and associated technical domains during the training program. The chosen graduates will also get specific instruction on environmental protection, safety, exploration, and geology.

Along with the development of communication skills, the curriculum will also emphasise the most recent advancements in the mining industry. Barrick’s International Graduate Development Program for 2024 includes the Balochistani graduates.

Additionally, nine Baloch graduates were selected in 2023 and transported to Barrick’s facility in Argentina for on-the-job training.

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WhatsApp will improve the updates tab by introducing new shortcuts and a revamped interface.

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7 days ago

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WhatsApp is implementing a new upgrade to refine the Updates tab interface, hence boosting accessibility for status and channel updates.

WABetaInfo reports that the upgrade introduces expedited shortcuts that streamline the updating of statuses and channels. Users can now select and upload photos and videos directly from the interface, reducing the steps involved in choosing media from the gallery.

The Meta-owned messaging application has also revamped the button for generating text-based status updates and introduced a feature for recording and sharing voice status updates. This offers customers a more expedient method to disseminate text and speech updates without depending on the floating action button.

The revisions correspond with recent modifications to other tabs, ensuring a modernised interface that improves navigation and update creation. WhatsApp is modifying the floating action button to facilitate content sharing within channels.

When selecting the floating action button, users will see several options, including creating status updates, starting new channels, or sharing photos, videos, voice, and text in existing channels. This revamp integrates all content-generating options into a singular section.

The new shortcuts are anticipated to be accessible to a broader user base in the forthcoming weeks. Beta testers can currently access them in the latest WhatsApp beta for Android, version 2.24.26.13, available on the Google Play Store.

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China and Pakistan Sign Memorandum of Understanding to Launch AI-Powered Agricultural Equipment

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1 week ago

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Through Chinese expertise, the arrangement, which was made possible by the Special Investment Facilitation Council (SIFC), intends to increase Pakistan’s agricultural output.

The Punjab government and China’s “AI Force Tech” company have inked a memorandum of understanding (MoU) to introduce advanced agricultural machinery during Chief Minister Maryam Nawaz’s visit to China.

Through the use of advanced robotic technology, the MoU seeks to transform Pakistan’s agricultural industry, guarantee economic growth, and boost farmers’ wealth with China’s assistance.

Through the partnership, Pakistan would also have the chance to absorb knowledge about China’s sophisticated farming methods.

In the meantime, plans have been revealed by the Federal Minister of Planning to send 1,000 agricultural experts to China to study contemporary farming methods.

A Chinese business and the Punjab government previously inked an agreement to introduce cutting-edge cancer treatment technologies to Punjab.

Maryam Nawaz signed a Memorandum of Understanding (MoU) with Hygea Medical Technologies while she was in China in order to introduce cutting-edge cancer treatment equipment and techniques to Punjab.

This equipment will make it feasible to treat cancer without the need for chemotherapy or surgery.

Following a meeting with Hygea Medical Technologies President Dr. Luo Fuliang, Maryam Nawaz said the organization has promised expert assistance for the establishment of the Nawaz Sharif Cancer Hospital.

She went on to say that the hospital will work with China to treat cancer patients utilizing the newest equipment and techniques following the agreement.

Maryam Nawaz and a high-level delegation are present. From December 8 to December 15, the chief minister will go to Beijing, Shanghai, Shenzhen, and Guangzhou.

CM Maryam Nawaz is expected to attend a number of conferences, events, and meetings with the goal of enhancing bilateral relations and looking into potential joint ventures in the areas of infrastructure development, technology, agriculture, and governance.

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